BETHESDA, Md.--(EON: Enhanced Online News)--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported
results for the fourth quarter and year ended December 31, 2015 and
announced it expects to increase its quarterly dividend on its common
shares by 22.6 percent over the Company’s current quarterly common
dividend. The Company’s results include the following:

“Management’s Discussion and Analysis of
Financial Condition and Results of Operations”

Fourth Quarter

Full Year

2015

2014

2015

2014

($ in millions except per share and RevPAR data)

Net income (loss) to common shareholders

$16.4

$9.5

$68.7

$47.8

Net income (loss) per diluted share

$0.23

$0.13

$0.94

$0.71

Same-Property RevPAR(1)

$197.13

$193.81

$205.42

$198.81

Same-Property RevPAR growth rate

1.7%

3.3%

Same-Property EBITDA(1)

$69.2

$66.6

$281.9

$260.3

Same-Property EBITDA growth rate

3.9%

8.3%

Same-Property EBITDA Margin(1)

31.8%

31.5%

33.1%

31.6%

Adjusted EBITDA(1)

$64.4

$50.9

$259.5

$197.3

Adjusted EBITDA growth rate

26.4%

31.5%

Adjusted FFO(1)

$44.7

$32.6

$181.5

$130.1

Adjusted FFO per diluted share(1)

$0.62

$0.46

$2.50

$1.96

Adjusted FFO per diluted share growth rate

34.8%

27.6%

(1) See tables later in this press release
for a description of Same-Property information and reconciliations
from net income (loss) to non-GAAP financial measures, including
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA"), Adjusted EBITDA, Funds from Operations ("FFO"), FFO
per share, Adjusted FFO and Adjusted FFO per share.

For the details as to which hotels are included in
Same-Property Revenue Per Available Room (“RevPAR”), Average Daily
Rate (“ADR”), Occupancy, Revenues, Expenses, EBITDA and EBITDA
Margins appearing in the table above and elsewhere in this press
release, refer to the Same-Property Inclusion Reference Table
later in this press release.

“We are pleased with the progress we made during 2015 improving the
operating performance of our portfolio, particularly at our recently
renovated and repositioned hotels as these properties gain momentum,”
said Jon E. Bortz, Chairman, President and Chief Executive Officer of
Pebblebrook Hotel Trust. “Despite a softer environment in the fourth
quarter due to global economic challenges, the U.S. hotel industry
finished the year at its highest occupancy ever, as demand continued to
outpace supply. For Pebblebrook, despite also experiencing a weaker
fourth quarter, we still managed to grow Same-Property EBITDA in 2015 by
8.3 percent, Adjusted EBITDA by 31.5 percent, and Adjusted FFO per share
by 27.6 percent; and we increased our common dividend by 34.8 percent.”

2015 Highlights

Same-Property RevPAR and Room Revenue: Same-Property RevPAR for
the year increased 3.3 percent to $205.42 over the same period of
2014. Same-Property Room Revenue increased by 3.9 percent, greater
than RevPAR, due to the increase in the Same-Property room count.
Same-Property ADR grew 4.5 percent from the comparable period of 2014
to $244.60. Same-Property Occupancy decreased 1.1 percent to 84.0
percent, as the Company focused more on growing ADR and EBITDA.
Same-Property RevPAR for our wholly-owned properties, which excludes
the Manhattan Collection, increased 4.6 percent for 2015.

Same-Property EBITDA: The Company’s hotels generated $281.9
million of Same-Property EBITDA for the year ended December 31, 2015,
climbing 8.3 percent from the same period of 2014. Same-Property
Revenues increased 3.5 percent, while Same-Property Expenses increased
just 1.2 percent. As a result, Same-Property EBITDA Margin grew to
33.1 percent for the year ended December 31, 2015, representing an
improvement of 148 basis points as compared to the same period last
year. Flow-through of Same-Property Revenues to Same-Property EBITDA
was 75.7 percent for 2015. Same-Property EBITDA for our wholly-owned
properties grew 11.2 percent for 2015.

Same-Property EBITDA per room: The Company’s Same-Property
EBITDA per room for the year ended December 31, 2015 increased 7.6
percent to $35,197 from 2014.

Adjusted EBITDA: The Company’s Adjusted EBITDA for 2015 rose to
$259.5 million, a gain of 31.5 percent versus $197.3 million in 2014.

Adjusted FFO: The Company’s Adjusted FFO for 2015 climbed 39.5
percent to $181.5 million, compared with $130.1 million for the prior
year.

Dividends: During 2015, the Company declared dividends of $1.24
per share on its common shares, $1.96875 per share on its 7.875%
Series A Cumulative Redeemable Preferred Shares, $2.00 per share on
its 8.0% Series B Cumulative Redeemable Preferred Shares and $1.625
per share on its 6.50% Series C Cumulative Redeemable Preferred Shares.

“The hotel industry’s fundamentals remained favorable in 2015, as demand
growth of 2.9 percent outpaced supply growth of 1.1 percent,” said Mr.
Bortz. “While demand growth in our markets was not as robust as we
originally expected for the year, we benefited from our implementation
of best practices and our creative and comprehensive capital
reinvestment programs. We continue to see results from our long-term
focus on growing Same-Property EBITDA through our capital investment
programs, as well as improving the overall quality and condition of our
portfolio. Same-Property RevPAR excluding the Manhattan Collection grew
4.6 percent for the year, with ADR climbing 6.0 percent, even with the
negative impact of numerous disruptive renovations throughout the
portfolio.”

Fourth Quarter Highlights

Same-Property RevPAR and Room Revenue: Same-Property RevPAR in
the fourth quarter of 2015 increased 1.7 percent over the same period
of 2014 to $197.13. Same-Property Room Revenue increased by 2.4
percent, greater than RevPAR due to the increase in the Same-Property
room count. Same-Property ADR grew 1.6 percent from the fourth quarter
of 2014 to $241.52. Same-Property Occupancy rose 0.1 percent to 81.6
percent. Same-Property RevPAR for our wholly-owned properties
increased 3.2 percent from the year-ago period.

Same-Property EBITDA: The Company’s hotels generated $69.2
million of Same-Property EBITDA for the quarter ended December 31,
2015, climbing 3.9 percent compared with the same period of 2014.
Same-Property Revenues increased 2.8 percent, while Same-Property
Hotel Expenses rose 2.4 percent. As a result, Same-Property EBITDA
Margin grew to 31.8 percent from the fourth quarter of 2014,
representing an increase of 32 basis points. Same-Property EBITDA for
our wholly-owned properties grew 7.0 percent from the prior-year
period.

Adjusted EBITDA: The Company’s Adjusted EBITDA rose to $64.4
million from $50.9 million in the prior-year period, an increase of
$13.4 million, or 26.4 percent.

Adjusted FFO: The Company’s Adjusted FFO climbed 37.3 percent
to $44.7 million from $32.6 million in the prior-year period.

Dividends: On December 15, 2015, the Company declared a regular
quarterly cash dividend of $0.31 per share on its common shares, a
regular quarterly cash dividend of $0.4921875 per share on its 7.875%
Series A Cumulative Redeemable Preferred Shares, a regular quarterly
cash dividend of $0.50 per share on its 8.00% Series B Cumulative
Redeemable Preferred Shares and a regular quarterly cash dividend of
$0.40625 per share on its 6.50% Series C Cumulative Redeemable
Preferred Shares.

“Corporate transient demand during the fourth quarter was weaker than
expected, particularly during December,” noted Mr. Bortz. “However,
working collaboratively with our hotel teams, we continue to make
strides implementing our best practices and other operating initiatives,
as well as adjusting revenue management strategies and tactics to
mitigate the softer demand trends.”

Capital Reinvestment and Asset Management

During 2015, the Company made $104.3 million of capital improvements
throughout its portfolio, which includes the Company’s 49 percent
interest in its six-hotel joint venture with Denihan Hospitality Group
(the “Manhattan Collection”). The Company’s capital improvements
included $21.8 million at Hotel Zephyr Fisherman’s Wharf, $13.5 million
at Prescott Hotel San Francisco, $10.1 million at W Los Angeles – West
Beverly Hills, $8.3 million at Hotel Vintage Portland, $6.5 million at
Embassy Suites San Diego Bay – Downtown and $6.0 million at The Westin
Colonnade, Coral Gables.

“The completed capital investment programs at Hotel Vintage Portland, W
Los Angeles – West Beverly Hills, Hotel Zephyr Fisherman’s Wharf and
Embassy Suites San Diego Bay – Downtown should provide us with
additional opportunities in 2016 and beyond to substantially grow market
share at each hotel by generating higher room rates and increased RevPAR
penetration,” continued Mr. Bortz. “Our teams have made positive
progress throughout the year, which we expect will accelerate throughout
2016.”

Acquisitions

In 2015, the Company successfully acquired two high-quality,
full-service hotels: the 189-room LaPlaya Beach Resort & Club in Naples,
Florida for $185.5 million and the 221-room upper-upscale The Tuscan
Fisherman’s Wharf, a Best Western Plus Hotel, for $122.0 million located
in the heart of Fisherman’s Wharf in San Francisco, California. Both of
the Company’s 2015 acquisitions are located in exceptionally desirable,
high growth, high barrier-to-entry markets.

Dispositions

The Company has retained an advisor to market for sale its 49 percent
joint venture interest in the Manhattan Collection. In addition,
Pebblebrook has also retained advisors to market for disposition several
select hotels in its portfolio, and the Company is evaluating offering
additional properties, including parking facilities and retail space
that can be apportioned from individual hotels. The properties that are
being offered individually were selected to best take advantage of the
current disconnect between public and private market values, minimally
impact the overall quality of the portfolio, and maintain the benefits
of healthy diversification. The Company will provide updates to any
disposition activity only after such transactions are complete, and
there is no assurance that any transactions will be consummated.

$150 Million Common Share Repurchase Program

The Company announced that its Board of Trustees authorized a new share
repurchase program of up to $150.0 million of the Company’s outstanding
common shares, $0.01 par value per share. The repurchase program may be
suspended or discontinued at any time and does not obligate the Company
to acquire any particular amount of shares.

The Company intends to repurchase shares only if the Company deems
repurchases to be attractive and only after any property sales proceeds
are utilized to reduce corporate leverage and provide for taxes through
the separate distribution of taxable gains from any property sales.
Generally, the Company intends to repurchase shares primarily with
proceeds from any dispositions of its hotel properties.

Under the program, the Company may repurchase shares from time to time
in transactions on the open market, in accordance with applicable
securities laws and other restrictions. The timing and volume of
repurchases will be determined by management based on its ongoing
assessments of the capital needs of the business, prevailing market
prices, general economic and market conditions and other considerations.

Capital Markets

During 2015, the Company completed numerous attractive capital market
transactions to help fund strategic growth and maintain its strong
balance sheet. The Company successfully executed $375.0 million in
5-year and 7-year term loans and also originated $100.0 million in
average 8.8-year private placement senior unsecured notes. Additionally,
the Company increased the size of its unsecured credit facility to
$750.0 million, which includes $300.0 million of outstanding term loans.

“We’re extremely pleased with our continued ability to access the
capital markets and the strong support from our banking relationships,”
commented Raymond D. Martz, Chief Financial Officer of Pebblebrook Hotel
Trust. “We will continue to evaluate our options for attractive
long-term debt capital, and we remain encouraged by the continued strong
interest from the lending community to provide capital for high quality
assets in major urban markets with strong sponsorship.”

Balance Sheet

As of December 31, 2015, the Company had $1.1 billion in consolidated
debt and $225.4 million in unconsolidated, non-recourse, secured debt,
both at weighted-average interest rates of 3.6 percent. The Company had
$525.0 million outstanding in the form of unsecured term loans and
$165.0 million outstanding on its $450.0 million senior unsecured
revolving credit facility. As of December 31, 2015, the Company had
$35.8 million of consolidated cash, cash equivalents and restricted cash
and $12.2 million of unconsolidated cash, cash equivalents and
restricted cash. The unconsolidated debt, cash, cash equivalents and
restricted cash amounts represent the Company’s 49 percent interest in
the Manhattan Collection.

On December 31, 2015, as defined in the Company’s credit agreement, the
Company’s fixed charge coverage ratio was 2.9 times and total net debt
to trailing 12-month corporate EBITDA was 4.7 times. Excluding its
interest in the off-balance sheet Manhattan Collection, the Company’s
fixed charge coverage ratio was 3.0 times, and net debt to trailing
12-month corporate EBITDA was 4.3 times.

On January 6, 2016, the Company announced that it drew down $150.0
million on previously arranged 5-year and 7-year term loans, and used
the proceeds to reduce the balance on its $450.0 million senior
unsecured revolving credit facility.

On February 8, 2016, the Company provided notice to the holders of its
7.875% Series A Cumulative Preferred Shares (the “Series A Preferred
Shares”) of the redemption of all 5,600,000 of its issued and
outstanding Series A Preferred Shares. The redemption date will be March
11, 2016. The Company intends to use proceeds from its senior unsecured
revolving credit facility to redeem the Series A Preferred Shares.

2016 Outlook

The Company's outlook for 2016, which assumes no additional acquisitions
or dispositions, incorporates the impact of the Company’s announced
redemption of its Series A Preferred Shares, includes its various
planned capital investment projects and assumes continued growth in
economic activity, positive business travel trends and other significant
assumptions, is as follows:

2016 Outlook

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Net income

$65.7

$77.7

Net income per diluted share

$0.90

$1.07

Adjusted EBITDA

$276.0

$288.0

Adjusted EBITDA growth rate

6.3%

11.0%

Adjusted FFO

$194.3

$206.3

Adjusted FFO per diluted share

$2.67

$2.84

Adjusted FFO per diluted share growth rate

6.8%

13.6%

This 2016 outlook is based, in part, on the following estimates
and assumptions:

U.S. GDP growth rate

1.5%

2.0%

U.S. Hotel Industry RevPAR growth rate

3.0%

5.0%

Urban Markets RevPAR growth rate

1.0%

3.0%

Same-Property RevPAR

$211

$215

Same-Property RevPAR growth rate

2.0%

4.0%

Same-Property Room Revenue growth rate

2.7%

4.7%

Same-Property EBITDA

$301.0

$313.0

Same-Property EBITDA growth rate

1.9%

6.0%

Same-Property EBITDA Margin

33.6%

34.1%

Same-Property EBITDA Margin growth rate

25 bps

75 bps

Corporate cash general and administrative expenses

$20.3

$20.3

Corporate non-cash general and administrative expenses

$8.4

$8.4

Total capital investments related to renovations, capital
maintenance and return on investment projects

$100.0

$110.0

Weighted-average fully diluted shares and units

72.7

72.7

“We believe 2016 will be another solid year for the overall hotel
industry and Pebblebrook, despite the amplified challenges to the U.S.
economic recovery from global economic weaknesses and geopolitical
challenges,” noted Mr. Bortz. “We expect that demand growth from most
segments including business, leisure transient and group will continue
to grow modestly. International inbound travel demand, which was weak
throughout 2015, is expected to remain a drag on demand growth in 2016,
primarily affecting the major gateway cities. As a result of these
factors and greater supply on average in many of the larger urban
markets like New York and Washington D.C., we expect that the urban
markets will continue to underperform the U.S. Industry’s RevPAR growth.
We remain encouraged with the opportunities throughout our portfolio, as
well as the momentum we have been gaining at our recently renovated and
redeveloped hotels. We’re forecasting Same-Property RevPAR to increase
2.0 to 4.0 percent and Same-Property Room Revenue to increase 2.7
percent to 4.7 percent, which takes into account the negative impact of
expected disruption at our hotels undergoing renovations throughout the
year, as well as the added day in 2016 and the rooms we’ve added during
our redevelopment programs.”

The Company’s 2016 outlook also incorporates all of the expected
disruption associated with the various renovations and repositionings at
our properties, including the Company’s currently closed 164-room
Prescott Hotel San Francisco, which is adding 32 new guestrooms, with
completion and relaunch as Hotel Zeppelin San Francisco by the second
quarter of 2016; the 331-room The Nines, a Luxury Collection Hotel,
Portland with completion forecasted by the end of the first quarter in
2016; the 157-room The Westin Colonnade, Coral Gables, which is expected
to be completed in phases by the end of the third quarter in 2016; Hotel
Monaco Washington D.C., Union Station Hotel Nashville, Autograph
Collection, Revere Hotel Boston Common and Hotel Palomar Los Angeles
Beverly Hills, all of which already have or are expected to commence
renovations in 2016.

The Company’s outlook for the first quarter of 2016 is as follows:

First Quarter 2016 Outlook

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Same-Property RevPAR

$186

$191

Same-Property RevPAR growth rate

3.0%

6.0%

Same-Property Room Revenue growth rate

4.8%

7.8%

Same-Property EBITDA

$56.5

$59.5

Same-Property EBITDA growth rate

5.0%

10.6%

Same-Property EBITDA Margin

28.9%

29.4%

Same-Property EBITDA Margin growth rate

125 bps

175 bps

Adjusted EBITDA

$48.8

$51.8

Adjusted EBITDA growth rate

25.7%

33.5%

Adjusted FFO

$31.2

$34.2

Adjusted FFO per diluted share

$0.43

$0.47

Adjusted FFO per diluted share growth rate

26.5%

38.2%

Weighted-average fully diluted shares and units

72.7

72.7

The Company’s estimates and assumptions, including the Company’s outlook
for 2016 and first quarter 2016, for Same-Property RevPAR, Same-Property
RevPAR growth rate, Same-Property Room Revenue growth rate,
Same-Property EBITDA, Same-Property EBITDA growth rate, Same-Property
EBITDA Margin and Same-Property EBITDA Margin growth rate include the
hotels owned as of December 31, 2015, as if they had been owned by the
Company for all of 2015 and 2016, except for Hotel Vintage Portland,
which is not included in the first quarter and Prescott/Zeppelin Hotel
San Francisco, which is not included in the first and fourth quarters.
The Company’s 2016 outlook assumes no additional acquisitions or
dispositions beyond the hotels the Company owned as of December 31, 2015.

If any of the foregoing estimates and assumptions prove to be
inaccurate, actual results, including the Outlook, may vary, and could
vary significantly, from the amounts shown above.

Common Dividend Increase

Based on the Company’s 2016 outlook and the expected improvement in the
operating performance of the Company’s hotels, Pebblebrook expects to
increase its quarterly dividend on its common shares to $0.38 per share,
or $1.52 on an annualized basis, commencing with the dividend for the
first quarter of 2016. This proposed increase represents a 22.6 percent
increase over the Company’s current quarterly common dividend of $0.31
per share, and an annualized yield of 5.7 percent based on Friday’s
closing price of $26.81.

Earnings Call

The Company will conduct its quarterly analyst and investor conference
call on Tuesday, February 23, 2015 at 9:00 AM EST. To participate in the
conference call, please dial (888) 438-5453 approximately ten minutes
before the call begins. Additionally, a live webcast of the conference
call will be available through the Company’s website. To access the
webcast, log on to http://www.pebblebrookhotels.com
ten minutes prior to the conference call. A replay of the conference
call webcast will be archived and available online through the Investor
Relations section of http://www.pebblebrookhotels.com.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust is a publicly traded real estate investment
trust (“REIT”) organized to opportunistically acquire and invest
primarily in upper upscale, full-service hotels located in urban markets
in major gateway cities. The Company owns 37 hotels, including 31 wholly
owned hotels with a total of 7,408 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,787 guest rooms. The Company
owns, or has an ownership interest in, hotels located in 11 states and
the District of Columbia, including: San Francisco, California; Los
Angeles, California (Beverly Hills, Hollywood, Santa Monica and West
Hollywood); Boston, Massachusetts; New York, New York; San Diego,
California; Portland, Oregon; Buckhead, Georgia; Naples, Florida;
Seattle, Washington; Miami, Florida; Washington, DC; Philadelphia,
Pennsylvania; Columbia River Gorge, Washington; Nashville, Tennessee;
Bethesda, Maryland and Minneapolis, Minnesota. For more information,
please visit us at www.pebblebrookhotels.com
and follow us on Twitter at @PebblebrookPEB

This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995.Forward-looking statements are generally
identifiable by use of forward-looking terminology such as “may,”
“will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,”
“estimate,” “approximately,” “believe,” “could,” “project,” “predict,”
“forecast,” “continue,” “assume,” “plan,” references to “outlook” or
other similar words or expressions.Forward-looking statements
are based on certain assumptions and can include future expectations,
future plans and strategies, financial and operating projections and
forecasts and other forward-looking information and estimates.Examples
of forward-looking statements include the following: projections and
forecasts of U.S. GDP growth, U.S. hotel industry RevPAR growth, the
Company’s net income, FFO, EBITDA, Adjusted FFO, Adjusted EBITDA,
RevPAR, EBITDA Margin and EBITDA Margin growth, and the Company’s
expenses, share count or other financial items; descriptions of the
Company’s plans or objectives for future operations, acquisitions or
services; forecasts of the Company’s future economic performance and its
share of future markets; forecasts of hotel industry performance; and
descriptions of assumptions underlying or relating to any of the
foregoing expectations including assumptions regarding the timing of
their occurrence.These forward-looking statements are subject to
various risks and uncertainties, many of which are beyond the Company’s
control, which could cause actual results to differ materially from such
statements.These risks and uncertainties include, but are not
limited to, the state of the U.S. economy and the supply of hotel
properties, and other factors as are described in greater detail in the
Company’s filings with the Securities and Exchange Commission,
including, without limitation, the Company’s Annual Report on Form 10-K
for the year ended December 31, 2015.Unless legally required,
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.

For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of February 22, 2016.The
Company undertakes no duty to update the statements in this press
release to conform the statements to actual results or changes in the
Company’s expectations.

These measures are not in accordance with, or an alternative to,
measures prepared in accordance with GAAP and may be different from
similarly titled non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any comprehensive
set of accounting rules or principles. Non-GAAP measures have
limitations in that they do not reflect all of the amounts
associated with the Company’s results of operations determined in
accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed
in accordance with GAAP), plus real estate-related depreciation and
amortization and after adjustments for unconsolidated partnerships.
The Company considers FFO a useful measure of performance for an
equity REIT because it facilitates an understanding of the Company's
operating performance without giving effect to real estate
depreciation and amortization, which assume that the value of real
estate assets diminishes predictably over time. Since real estate
values have historically risen or fallen with market conditions, the
Company believes that FFO provides a meaningful indication of its
performance. The Company also considers FFO an appropriate
performance measure given its wide use by investors and analysts.
The Company computes FFO in accordance with standards established by
the Board of Governors of NAREIT in its March 1995 White Paper (as
amended in November 1999 and April 2002), which may differ from the
methodology for calculating FFO utilized by other equity REITs and,
accordingly, may not be comparable to that of other REITs. Further,
FFO does not represent amounts available for management’s
discretionary use because of needed capital replacement or
expansion, debt service obligations or other commitments and
uncertainties, nor is it indicative of funds available to fund the
Company’s cash needs, including its ability to make distributions.
The Company presents FFO per diluted share calculations that are
based on the outstanding dilutive common shares plus the outstanding
Operating Partnership units for the periods presented.

The Company also evaluates its performance by reviewing Adjusted
EBITDA and Adjusted FFO, because it believes that adjusting EBITDA
and FFO to exclude certain recurring and non-recurring items
described below provides useful supplemental information regarding
the Company's ongoing operating performance and that the
presentation of Adjusted EBITDA and Adjusted FFO, when combined with
the primary GAAP presentation of net income (loss), more completely
describes the Company's operating performance. The Company adjusts
EBITDA and FFO for the following items, which may occur in any
period, and refers to these measures as Adjusted EBITDA and Adjusted
FFO:

- Hotel acquisition costs: The Company excludes acquisition
transaction costs expensed during the period because it believes
that including these costs in EBITDA and FFO does not reflect the
underlying financial performance of the Company and its hotels.

- Non-cash ground rent: The Company excludes the non-cash ground
rent expense, which is primarily made up of the straight-line rent
impact from a ground lease.

- Amortization of Class A LTIP units: The Company excludes the
non-cash amortization of LTIP Units expensed during the period.

- Management/franchise contract transition costs: The Company
excludes one-time management and/or franchise contract transition
costs expensed during the period because it believes that including
these costs in EBITDA and FFO does not reflect the underlying
financial performance of the Company and its hotels.

- Interest expense adjustment for acquired liabilities: The Company
excludes interest expense adjustment for acquired liabilities
assumed in connection with acquisitions, because it believes that
including these non-cash adjustments in FFO does not reflect the
underlying financial performance of the Company.

- Capital lease adjustment: The Company excludes the effect of
non-cash interest expense from capital leases because it believes
that including these non-cash adjustments in FFO does not reflect
the underlying financial performance of the Company.

- Non-cash amortization of acquired intangibles: The Company
excludes the non-cash amortization of acquired intangibles, which
includes but is not limited to the amortization of favorable and
unfavorable leases and above/below market real estate tax reduction
agreements because it believes that including these non-cash
adjustments in FFO does not reflect the underlying financial
performance of the Company.

The Company’s presentation of FFO in accordance with the NAREIT
White Paper and EBITDA, and as adjusted by the Company, should not
be considered as an alternative to net income (computed in
accordance with GAAP) as an indicator of the Company’s financial
performance or to cash flow from operating activities (computed in
accordance with GAAP) as an indicator of its liquidity.

Pebblebrook Hotel Trust

Manhattan Collection Statements of Operations

(Reflects the Company's 49% ownership interest in the
Manhattan Collection)

($ in thousands)

(Unaudited)

Three months endedDecember 31,

Year endedDecember 31,

2015

2014

2015

2014

Revenues:

Hotel operating revenues:

Room

$

22,276

$

23,466

$

76,954

$

80,536

Food and beverage

2,235

2,260

7,634

7,707

Lease revenue

400

389

1,596

1,566

Other operating

208

301

924

1,139

Total revenues

25,119

26,416

87,108

90,948

Expenses:

Total hotel expenses

16,167

16,097

63,071

62,484

Depreciation and amortization

2,179

2,304

8,574

9,025

Total operating expenses

18,346

18,401

71,645

71,509

Operating income (loss)

6,773

8,015

15,463

19,439

Interest income

-

-

1

3

Interest expense

(2,301

)

(2,302

)

(9,137

)

(9,137

)

Other

(30

)

(118

)

(114

)

(240

)

Equity in earnings of joint venture

$

4,442

$

5,595

$

6,213

$

10,065

Debt:

Fixed Interest Rate

Loan Amount

Mortgage(1)

3.61

%

$

225,400

Cash and cash equivalents

(8,018

)

Net Debt

217,382

Restricted cash

(4,177

)

Net Debt less restricted cash

$

213,205

(1)

Does not include the Company's pro rata interest of the $50.0
million of preferred capital the Company provided to the joint
venture, in which the Company has a 49% ownership interest.

Notes:

These operating results reflect the Company's 49% ownership interest
in the Manhattan Collection. The Manhattan Collection consists of
the following six hotels: Manhattan NYC, Fifty NYC, Dumont NYC,
Shelburne NYC, Gardens NYC and The Benjamin. The operating results
for the Manhattan Collection only include 49% of the results for the
six properties to reflect the Company's 49% ownership interest in
the hotels. Any differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Same-Property Statistical Data - Entire Portfolio

(Unaudited)

Three months endedDecember 31,

Year endedDecember 31,

2015

2014

2015

2014

Total Portfolio

Same-Property Occupancy

81.6%

81.5%

84.0%

84.9%

Increase/(Decrease)

0.1%

(1.1%)

Same-Property ADR

$

241.52

$

237.81

$

244.60

$

234.09

Increase/(Decrease)

1.6%

4.5%

Same-Property RevPAR

$

197.13

$

193.81

$

205.42

$

198.81

Increase/(Decrease)

1.7%

3.3%

Notes:

This schedule of hotel results for the three months ended December
31 includes information from all of the hotels the Company owned,
or had an ownership interest in, as of December 31, 2015, except
Prescott Hotel San Francisco in both 2015 and 2014 because it was
closed during the fourth quarter of 2015 for renovation.

This schedule of hotel results for the year ended December 31
includes information from all of the hotels the Company owned, or
had an ownership interest in, as of December 31, 2015, except for
LaPlaya Beach Resort & Club and The Tuscan Fisherman's Wharf, a
Best Western Plus Hotel, for Q1 and Q2 in both 2015 and 2014,
Hotel Vintage Portland for Q1 in both 2015 and 2014 because it was
closed during the first quarter of 2015 for renovation, and
Prescott Hotel San Francisco for Q4 in both 2015 and 2014 because
it was closed during the fourth quarter of 2015 for renovation.

These hotel results for the respective periods may include
information reflecting operational performance prior to the
Company's ownership of the hotels. Any differences are a result of
rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Same-Property Statistical Data - Wholly Owned

(Unaudited)

Three months endedDecember 31,

Year endedDecember 31,

2015

2014

2015

2014

Total Portfolio

Same-Property Occupancy

80.4%

80.4%

83.3%

84.3%

Increase/(Decrease)

0.0%

(1.3%)

Same-Property ADR

$

233.18

$

226.08

$

241.39

$

227.77

Increase/(Decrease)

3.1%

6.0%

Same-Property RevPAR

$

187.53

$

181.80

$

200.99

$

192.07

Increase/(Decrease)

3.2%

4.6%

Notes:

This schedule of hotel results for the three months ended December
31 includes information from all of the hotels the Company owned
as of December 31, 2015, except Prescott Hotel San Francisco in
both 2015 and 2014 because it was closed during the fourth quarter
of 2015 for renovation.

This schedule of hotel results for the year ended December 31
includes information from all of the hotels the Company owned as
of December 31, 2015, except for LaPlaya Beach Resort & Club and
The Tuscan Fisherman's Wharf, a Best Western Plus Hotel, for Q1
and Q2 in both 2015 and 2014, Hotel Vintage Portland for Q1 in
both 2015 and 2014 because it was closed during the first quarter
of 2015 for renovation, and Prescott Hotel San Francisco for Q4 in
both 2015 and 2014 because it was closed during the fourth quarter
of 2015 for renovation.

These hotel results do not include information for the six hotels
that comprise the Manhattan Collection.

These hotel results for the respective periods may include
information reflecting operational performance prior to the
Company's ownership of the hotels. Any differences are a result of
rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Same-Property Statistical Data - Manhattan Collection

(Unaudited)

Three months ended

December 31,

Year endedDecember 31,

2015

2014

2015

2014

Total Portfolio

Same-Property Occupancy

91.5%

90.5%

89.8%

89.8%

Increase/(Decrease)

1.1%

0.0%

Same-Property ADR

$

302.18

$

324.03

$

268.92

$

282.45

Increase/(Decrease)

(6.7%)

(4.8%)

Same-Property RevPAR

$

276.52

$

293.26

$

241.56

$

253.69

Increase/(Decrease)

(5.7%)

(4.8%)

Notes:

This schedule of hotel results for the three months ended December
31 includes only information for the six hotels that comprise the
Manhattan Collection. This schedule of hotel results for the year
ended December 31 includes only information for the six hotels
that comprise the Manhattan Collection as of December 31, 2015.
Any differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Hotel Operational Data

Schedule of Same-Property Results - Entire Portfolio

($ in thousands)

(Unaudited)

Three months endedDecember 31,

Year endedDecember 31,

2015

2014

2015

2014

Same-Property Revenues:

Rooms

$

147,258

$

143,855

$

599,318

$

576,995

Food and beverage

55,601

52,883

196,392

191,582

Other

14,533

14,634

55,411

54,014

Total hotel revenues

217,392

211,372

851,121

822,591

Same-Property Expenses:

Rooms

$

37,666

$

37,267

$

147,835

$

148,093

Food and beverage

36,799

35,812

133,137

136,344

Other direct

4,109

5,059

14,448

18,221

General and administrative

20,116

18,126

76,970

69,463

Sales and marketing

16,061

14,365

65,213

58,240

Management fees

6,749

7,539

25,722

26,168

Property operations and maintenance

6,653

6,714

25,991

25,988

Energy and utilities

4,904

5,162

20,940

21,841

Property taxes

9,414

8,688

36,791

34,727

Other fixed expenses

5,682

5,998

22,204

23,239

Total hotel expenses

148,153

144,730

569,251

562,324

Same-Property EBITDA

$

69,239

$

66,642

$

281,870

$

260,267

Same-Property EBITDA Margin

31.8%

31.5%

33.1%

31.6%

Same-Property EBITDA Per Room

$

35,197

$

32,720

Notes:

This schedule of hotel results for the three months ended December
31 includes information from all of the hotels the Company owned,
or had an ownership interest in, as of December 31, 2015, except
Prescott Hotel San Francisco in both 2015 and 2014 because it was
closed during the fourth quarter of 2015 for renovation.

This schedule of hotel results for the year ended December 31
includes information from all of the hotels the Company owned, or
had an ownership interest in, as of December 31, 2015, except for
LaPlaya Beach Resort & Club and The Tuscan Fisherman's Wharf, a
Best Western Plus Hotel, for Q1 and Q2 in both 2015 and 2014,
Hotel Vintage Portland for Q1 in both 2015 and 2014 because it was
closed during the first quarter of 2015 for renovation, and
Prescott Hotel San Francisco for Q4 in both 2015 and 2014 because
it was closed during the fourth quarter of 2015 for renovation.

These hotel results for the respective periods may include
information reflecting operational performance prior to the
Company's ownership of the hotels. Any differences are a result of
rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Hotel Operational Data

Schedule of Same-Property Results - Wholly Owned

($ in thousands)

(Unaudited)

Three months ended

December 31,

Year ended

December 31,

2015

2014

2015

2014

Same-Property Revenues:

Rooms

$

124,982

$

120,389

$

522,364

$

496,460

Food and beverage

53,366

50,623

188,758

183,875

Other

13,925

13,944

52,891

51,308

Total hotel revenues

192,273

184,956

764,013

731,643

Same-Property Expenses:

Rooms

$

31,086

$

30,935

$

123,063

$

123,278

Food and beverage

35,190

34,082

127,218

129,765

Other direct

4,064

4,962

14,260

17,813

General and administrative

17,800

15,938

68,074

61,088

Sales and marketing

14,709

13,019

59,357

53,045

Management fees

6,041

6,772

23,255

23,444

Property operations and maintenance

5,761

5,843

22,429

22,620

Energy and utilities

4,400

4,550

18,517

19,053

Property taxes

7,411

6,723

28,365

27,048

Other fixed expenses

5,523

5,809

21,642

22,687

Total hotel expenses

131,985

128,633

506,180

499,841

Same-Property EBITDA

$

60,288

$

56,323

$

257,833

$

231,802

Same-Property EBITDA Margin

31.4%

30.5%

33.7%

31.7%

Notes:

This schedule of hotel results for the three months ended December
31 includes information from all of the hotels the Company owned
as of December 31, 2015, except Prescott Hotel San Francisco in
both 2015 and 2014 because it was closed during the fourth quarter
of 2015 for renovation.

This schedule of hotel results for the year ended December 31
includes information from all of the hotels the Company owned as
of December 31, 2015, except for LaPlaya Beach Resort & Club and
The Tuscan Fisherman's Wharf, a Best Western Plus Hotel, for Q1
and Q2 in both 2015 and 2014, Hotel Vintage Portland for Q1 in
both 2015 and 2014 because it was closed during the first quarter
of 2015 for renovation, and Prescott Hotel San Francisco for Q4 in
both 2015 and 2014 because it was closed during the fourth quarter
of 2015 for renovation.

These hotel results do not include information for the six hotels
that comprise the Manhattan Collection.

These hotel results for the respective periods may include
information reflecting operational performance prior to the
Company's ownership of the hotels. Any differences are a result of
rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Hotel Operational Data

Schedule of Same-Property Results - Manhattan Collection

($ in thousands)

(Unaudited)

Three months endedDecember 31,

Year endedDecember 31,

2015

2014

2015

2014

Same-Property Revenues:

Rooms

$

22,276

$

23,466

$

76,954

$

80,536

Food and beverage

2,235

2,260

7,634

7,707

Lease revenue

400

389

1,596

1,566

Other

208

301

924

1,139

Total hotel revenues

25,119

26,416

87,108

90,948

Same-Property Expenses:

Rooms

$

6,580

$

6,331

$

24,772

$

24,814

Food and beverage

1,610

1,730

5,919

6,578

Other direct

44

100

189

412

General and administrative

2,315

2,188

8,896

8,375

Sales and marketing

1,352

1,346

5,856

5,194

Management fees

708

766

2,467

2,724

Property operations and maintenance

892

871

3,562

3,368

Energy and utilities

504

611

2,423

2,788

Property taxes

2,003

1,965

8,426

7,678

Other fixed expenses

159

189

561

553

Total hotel expenses

16,167

16,097

63,071

62,484

Same-Property EBITDA

$

8,952

$

10,319

$

24,037

$

28,464

Same-Property EBITDA Margin

35.6%

39.1%

27.6%

31.3%

Notes:

This schedule of hotel results for the three months ended December
31 includes only information for the six hotels that comprise the
Manhattan Collection. This schedule of hotel results for the year
ended December 31 includes only information for the six hotels
that comprise the Manhattan Collection as of December 31, 2015.
Any differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Same-Property Inclusion Reference Table

Hotels

Q1

Q2

Q3

Q4

DoubleTree by Hilton Hotel Bethesda-Washington DC

X

X

X

X

Sir Francis Drake

X

X

X

X

InterContinental Buckhead Atlanta

X

X

X

X

Hotel Monaco Washington DC

X

X

X

X

The Grand Hotel Minneapolis

X

X

X

X

Skamania Lodge

X

X

X

X

Le Méridien Delfina Santa Monica

X

X

X

X

Sofitel Philadelphia

X

X

X

X

Argonaut Hotel

X

X

X

X

The Westin San Diego Gaslamp Quarter

X

X

X

X

Hotel Monaco Seattle

X

X

X

X

Mondrian Los Angeles

X

X

X

X

Viceroy Miami

X

X

X

X

W Boston

X

X

X

X

Manhattan Collection

X

X

X

X

Hotel Zetta

X

X

X

X

Hotel Vintage Seattle

X

X

X

X

Hotel Vintage Portland

X

X

X

W Los Angeles - West Beverly Hills

X

X

X

X

Hotel Zelos San Francisco

X

X

X

X

Embassy Suites San Diego Bay - Downtown

X

X

X

X

The Redbury Hollywood

X

X

X

X

Hotel Modera

X

X

X

X

Hotel Zephyr Fisherman's Wharf

X

X

X

X

Prescott Hotel San Francisco

X

X

X

The Nines, a Luxury Collection Hotel, Portland

X

X

X

X

The Westin Colonnade, Coral Gables

X

X

X

X

Hotel Palomar Los Angeles Beverly Hills

X

X

X

X

Union Station Nashville Hotel, Autograph Collection

X

X

X

X

Revere Hotel Boston Common

X

X

X

X

LaPlaya Beach Resort & Club

X

X

The Tuscan Fisherman's Wharf, a Best Western Plus Hotel

X

X

Notes:

A property marked with an "X" in a specific quarter denotes that
the same-property operating results of that property are included
in the Same-Property Statistical Data and in the Schedule of
Same-Property Results.

The Company’s fourth quarter Same-Property RevPAR, RevPAR Growth,
ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin
include all of the hotels the Company owned, or has an ownership
interest in, as of December 31, 2015, except Prescott Hotel San
Francisco. Results for the Manhattan Collection reflect the
Company's 49% ownership interest. Operating statistics and
financial results may include periods prior to the Company’s
ownership of the hotels.

The Company's December 31 year-to-date Same-Property RevPAR,
RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and
EBITDA Margin include all of the hotels the Company owned, or has
an ownership interest in, as of December 31, 2015, except for
LaPlaya Beach Resort & Club and The Tuscan Fisherman's Wharf, a
Best Western Plus Hotel, in the first and second quarter, Hotel
Vintage Portland in the first quarter because it was closed during
the first quarter of 2015 for renovation, and Prescott Hotel San
Francisco in the fourth quarter because it was closed during the
fourth quarter of 2015 for renovation. Results for the Manhattan
Collection reflect the Company's 49% ownership interest. Operating
statistics and financial results may include periods prior to the
Company’s ownership of the hotels.

The Company's estimates and assumptions for Same-Property RevPAR,
RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and
EBITDA Margin for the Company's 2016 Outlook include all of the
hotels the Company owned, or has an ownership interest in, as of
December 31, 2015. The operating statistics and financial results
in this press release may include periods prior to the Company’s
ownership of the hotels. The hotel operating estimates and
assumptions for the Manhattan Collection included in the Company's
2016 Outlook only reflect the Company's 49% ownership interest in
those hotels.

Pebblebrook Hotel Trust

Historical Operating Data - Entire Portfolio

($ in millions, except ADR and RevPAR)

(Unaudited)

Historical Operating Data:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2014

2014

2014

2014

2014

Occupancy

81%

88%

90%

82%

85%

ADR

$214

$239

$248

$238

$235

RevPAR

$173

$210

$222

$194

$200

Hotel Revenues

$191.8

$224.5

$230.9

$214.4

$861.6

Hotel EBITDA

$49.0

$75.8

$81.6

$67.6

$274.1

Hotel EBITDA Margin

25.5%

33.8%

35.4%

31.6%

31.8%

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2015

2015

2015

2015

2015

Occupancy

79%

87%

88%

82%

84%

ADR

$229

$251

$261

$242

$246

RevPAR

$180

$218

$230

$197

$207

Hotel Revenues

$198.8

$232.2

$239.9

$218.6

$889.5

Hotel EBITDA

$54.5

$83.7

$88.6

$69.6

$296.4

Hotel EBITDA Margin

27.4%

36.0%

36.9%

31.9%

33.3%

Notes:

These historical hotel operating results include information for
all of the hotels the Company owned, or had an ownership interest
in, as of December 31, 2015. The hotel operating results for the
Manhattan Collection only include 49% of the results for the six
properties to reflect the Company's 49% ownership interest in the
hotels. These historical operating results include periods prior
to the Company's ownership of the hotels. The information above
does not reflect the Company's corporate general and
administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses.
Any differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Historical Operating Data - Wholly Owned

($ in millions, except ADR and RevPAR)

(Unaudited)

Historical Operating Data:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2014

2014

2014

2014

2014

Occupancy

80%

87%

89%

80%

84%

ADR

$214

$232

$243

$226

$229

RevPAR

$172

$203

$216

$182

$193

Hotel Revenues

$175.2

$200.0

$207.5

$188.0

$770.6

Hotel EBITDA

$47.7

$67.0

$73.6

$57.4

$245.7

Hotel EBITDA Margin

27.2%

33.5%

35.5%

30.5%

31.9%

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2015

2015

2015

2015

2015

Occupancy

79%

86%

88%

81%

83%

ADR

$233

$247

$258

$233

$243

RevPAR

$183

$213

$226

$188

$203

Hotel Revenues

$183.6

$208.9

$216.4

$193.5

$802.4

Hotel EBITDA

$54.5

$76.0

$81.3

$60.7

$272.4

Hotel EBITDA Margin

29.7%

36.4%

37.6%

31.4%

33.9%

Notes:

These historical hotel operating results include information for
all of the hotels the Company owned as of December 31, 2015,
except for the Company's 49% interest in the Manhattan Collection.
These historical operating results include periods prior to the
Company's ownership of the hotels. The information above does not
reflect the Company's corporate general and administrative
expense, interest expense, property acquisition costs,
depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Historical Operating Data - Manhattan Collection

($ in millions, except ADR and RevPAR)

(Unaudited)

Historical Operating Data:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2014

2014

2014

2014

2014

Occupancy

84%

92%

92%

91%

90%

ADR

$213

$298

$288

$324

$282

RevPAR

$179

$275

$266

$293

$254

Hotel Revenues

$16.6

$24.5

$23.4

$26.4

$90.9

Hotel EBITDA

$1.3

$8.8

$8.1

$10.3

$28.5

Hotel EBITDA Margin

7.7%

35.9%

34.4%

39.1%

31.3%

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2015

2015

2015

2015

2015

Occupancy

81%

93%

94%

92%

90%

ADR

$200

$279

$284

$302

$269

RevPAR

$161

$260

$266

$277

$242

Hotel Revenues

$15.2

$23.3

$23.5

$25.1

$87.1

Hotel EBITDA

$0.0

$7.7

$7.4

$9.0

$24.0

Hotel EBITDA Margin

0.0%

33.1%

31.3%

35.6%

27.6%

Notes:

These historical hotel operating results include only information
for the six hotel properties that comprise the Manhattan
Collection. The hotel operating results for the Manhattan
Collection only include 49% of the results for the six properties
to reflect the Company's 49% ownership interest in the hotels. The
information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses.
Any differences are a result of rounding.

The information above has not been audited and is presented only for
comparison purposes.

Pebblebrook Hotel Trust

Historical Hotel Same-Property Hotel EBITDA by Property

($ in millions)

(Unaudited)

Hotel EBITDA

Hotel

2015

2014

2013

2012

2011

2010

DoubleTree by Hilton Hotel Bethesda-Washington DC

$4.3

$4.7

$4.6

$5.1

$4.7

$4.7

Sir Francis Drake

16.4

15.0

10.1

8.4

5.0

3.4

InterContinental Buckhead Atlanta

14.5

14.3

13.4

11.6

9.6

8.3

Hotel Monaco Washington DC

8.1

7.9

7.9

7.6

6.9

5.5

The Grand Hotel Minneapolis

4.1

3.8

3.4

3.4

2.4

1.5

Skamania Lodge

7.7

6.8

6.0

5.2

4.8

4.4

Le Méridien Delfina Santa Monica

11.7

9.9

8.0

6.9

6.8

5.3

Sofitel Philadelphia

8.6

7.4

6.5

6.7

6.0

4.3

Argonaut Hotel

13.0

11.8

10.2

8.5

6.5

5.2

The Westin Gaslamp Quarter San Diego

14.6

12.7

11.2

9.7

8.2

8.4

Hotel Monaco Seattle

6.7

6.2

5.2

3.4

2.9

2.2

Mondrian Los Angeles

12.2

11.0

8.2

7.4

8.9

7.9

Viceroy Miami

3.8

4.0

3.2

2.8

1.8

(0.7)

W Boston

9.6

8.1

6.2

5.8

4.4

3.8

Manhattan Collection

24.0

28.5

25.7

28.9

24.0

21.9

Hotel Zetta

6.2

5.4

2.8

N/A

N/A

N/A

Hotel Vintage Seattle

3.5

2.6

2.7

2.4

2.2

1.8

Hotel Vintage Portland

3.1

3.4

2.7

1.8

1.9

1.3

W Los Angeles - West Beverly Hills

9.5

8.9

8.7

8.0

6.9

5.6

Hotel Zelos San Francisco

7.3

6.2

4.6

3.8

3.0

1.3

Embassy Suites San Diego Bay - Downtown

11.3

9.5

8.9

8.8

8.2

7.6

The Redbury Hollywood

2.6

2.5

2.6

2.8

2.2

N/A

Hotel Modera

6.5

5.6

4.5

3.9

3.3

2.7

Hotel Zephyr Fisherman's Wharf

12.6

12.1

12.1

11.2

8.7

7.3

Prescott Hotel San Francisco

4.0

4.0

3.4

2.7

2.3

N/A

The Nines, a Luxury Collection Hotel, Portland

15.2

12.8

10.8

8.9

8.0

6.2

The Westin Colonnade, Coral Gables

3.6

3.4

3.1

1.8

2.1

1.9

Hotel Palomar Los Angeles Beverly Hills

4.2

4.5

3.8

3.9

2.9

2.3

Union Station Nashville Hotel, Autograph Collection

5.4

4.2

4.0

2.9

2.1

1.8

Revere Hotel Boston Common

17.9

16.5

13.7

8.4

8.9

6.1

LaPlaya Beach Club & Resort

15.7

12.4

10.7

8.7

7.6

5.7

The Tuscan Fisherman's Wharf, a Best Western Plus Hotel

8.2

7.9

6.6

5.2

N/A

N/A

Total Hotel EBITDA

$296.1

$274.0

$235.5

$206.6

$173.2

$137.7

Notes:

These historical Same-Property Hotel EBITDA results include
information for all of the hotels the Company owned or had an
ownership interest in as of December 31, 2015, except for Hotel
Zetta for years ended 2010, 2011 and 2012; The Tuscan Fisherman's
Wharf, a Best Western Plus Hotel for years ended 2010 and 2011;
and The Redbury Hollywood and Prescott Hotel San Francisco for the
year ended 2010. The Same-Property Hotel EBITDA results for the
Manhattan Collection include 49% of the actual results for the six
properties to reflect the Company's 49% ownership interest in
these hotels. These historical operating results include periods
prior to the Company's ownership of the hotels. The information
above does not reflect the Company's corporate general and
administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses.

The information above has not been audited and is presented only for
comparison purposes.